What is e-RUPI? How it helps consumers, hospitals? Check list of banks LIVE with this cashless instrument that does not require bank account while redeeming voucher
It is a cashless and contactless instrument for digital payment developed by National Payment Corporation of India (NPCI)
Prime Minister Narendra Modi launched e-RUPI, a prepaid e-Voucher, on Monday, August 2, 2021. This cashless instrument ensures that the benefits from the Government reach its intended beneficiaries in a targeted & leak-proof manner. It is a cashless and contactless instrument for digital payment developed by National Payment Corporation of India (NPCI)
How e-RUPI works?
It connects sponsors of the services with beneficiaries and services providers in a digital manner without any physical interface. It also assures timely payment of without involvement of any intermediary. I can also be used for delivering services meant for providing drugs and nutritional support under Mother and Child Welfare schemes, TB eradication programmes etc. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI.
e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.
So far, 11 banks are live with e-Rupi. These banks are: Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indusind Bank, Indian Bank, Kotak Bank, Punjab National Bank, State Bank of India and Union Bank of India.
How e-Rupi Helps a Consumer?
Since e-Rupi is contactless, it ensures that a beneficiary does not have to carry a printout of the voucher and offers an easy redemption through 2 step processes. The most important thing is that a beneficiary doesn’t need to share personal details while redemption, hence providing privacy. Interestingly, consumer redeeming the voucher need not have a digital payment app or a bank account.
How e-Rupi Benefits Hospitals?
e-Rupi also helps hospitals in many ways. It makes it easy for the hospitals to secure voucher authorisation via a verification code in easy and secure manner. It does away with handling of cash and make the process a hassle free & contactless payment collection. Besides it also offers, quick redemption process. The voucher can be redeemed in a few steps and lesser decline due to pre-blocked amount
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